Partners Meeks and Olsen wish to avoid the unlimited personal liability of the partnership form of business, so they are incorporating the company as M & Services, Inc. The charter from the state of Texas authorizes the corporation to issue 20,000 shares of 8 percent, S200 par preferred stock and 210,000 shares of no-par common stock. In its first month, M & O Services, Inc., completed the following transactions: A (Click the icon to view the transactions.) Read the requirements, Requirement 1. Record the transactions in the journal. (Record debits first, then credils. Exclude explanations from any journal entries.) Jan 3: Issued 6,100 shares f common stock to Meeks and 3,600 shares to Olsen, both for cash of $12 per share. (Prepare a single journal entry for the issuance to both individuals.) Journal Entry Date Accounts Debit Credit X Jan More info Jan Cash 3 Issued 6,100 shares of common stock to Meeks and 3,600 shares to Olsen, both for cash of $12 per share. 12 Issued 700 shares of preferred stock to acquire a patent with a market value of $140,000. 22 Issued 1,100 shares of common stock to other investors for $12 cash per share. Jan 12: Issue Common stock market value of $140,000 Dividends Date Debit Credit Jan 12. Paid-in capital in excess of par-common Print Done Patent Preferred stock Jan 22: Issue Retained earnings ! cash per share. Treasury stock Jan 22: Issued 1,100 shares of common stock to other investors for $12 cash per share. Journal Entry Date Accounts Debit Credit Jan 22 Requirement 2. Prepare the stockholders' equity section of the M & O Services, Inc.'s balance sheet at December 31. The ending balance of Retained earnings is $57,000. (Enter the accounts in the proper order for the stockholders' equity section of the balance sheet.) Stockholders' Equity Paid-in capital: Total stockholders' equity